Freshest Figures Show New Home Sales and Prices Decrease in Allentown
Posted on: May 06, 2013 07:01:00 AM
In January, the Allentown, PA market saw a fall year-over-year in new home closings, and the percentage decline was steeper than December 2012. Closings fell 27.3% from a year earlier to 32, compared with a 12.5% decline in December from the year earlier.
A total of 739 new homes were sold during the 12 months that ended in January, down from 751 for the year that ended in December.
New home closings as a percentage of overall housing closings fell to 6.5% from 9.3% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
In January, the average price for new home closings was $270,837, a 3.9% decline from last year. This decline is a drop off from the 11.6% drop in December from a year earlier.
In January 2013, average mortgage size on newly sold homes moved from $226,707 to $227,336 from January 2012. In December 2012, average mortgage size dipped 8.2% from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.5 percentage points year-over-year to 83.9% in January 2013. This was another rise after December 2012 when there was a 2.9 percentage point rise from a year earlier.
Freshest Figures Show New Home Sales and Prices Decrease in Allentown
Posted on: May 06, 2013 07:01:00 AM
In January, the Allentown, PA market saw a fall year-over-year in new home closings, and the percentage decline was steeper than December 2012. Closings fell 27.3% from a year earlier to 32, compared with a 12.5% decline in December from the year earlier.
A total of 739 new homes were sold during the 12 months that ended in January, down from 751 for the year that ended in December.
New home closings as a percentage of overall housing closings fell to 6.5% from 9.3% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
In January, the average price for new home closings was $270,837, a 3.9% decline from last year. This decline is a drop off from the 11.6% drop in December from a year earlier.
In January 2013, average mortgage size on newly sold homes moved from $226,707 to $227,336 from January 2012. In December 2012, average mortgage size dipped 8.2% from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.5 percentage points year-over-year to 83.9% in January 2013. This was another rise after December 2012 when there was a 2.9 percentage point rise from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. The share of new home closings belonging to attached units jumped from 38.6% of closings in January 2012 to 43.8% of closings in January 2013. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 56.2% of closings from 61.4% of closings.
The average unit size of newly sold homes declined 4.4% year-over-year to 2,106 square feet in January 2013. A decrease in both the average size and price of newly sold homes was also seen in December 2012 when the average size increased 4.9% to 2,296 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 36.1% of existing home closings. In January 2012, they made up 41.8%. The percentage of existing home closings involving foreclosures fell to 17.5% in January from 27.1% a year earlier while REO closings as a percentage of existing home closings rose to 18.6% from 14.6%.
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Source: Housing Intelligence